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Old 18-02-2014, 08:43 AM   #151
zilo
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Default Re: I can pay off my house in 4 years pretty much on poor blokes wage!

Quote:
Originally Posted by blackwasp View Post
ok i have to respond now! i have 145k in the bank, renting 350/w. not sure what to do. i hear/read about the impending bust in the housing market.
1. should i buy a home to live in where i'm living now 50km from work , don't mind it but could easily afford 350k mortgage
2 should i buy where i really want to live , 8km from work , near the beach but with a hefty 500k mortgage
3. should i buy an investment property where the rent pays for the mortgage
4 just continue to rent where i am 50km from work and save more money?

live in sydney with wife(not working) and 1 kid
cheers
confused

50k from work?


that's costing a pile of time and dollars and stress in travel.

you must get up in the dark and get home in the dark?

I would rent closer to work mate or get the cheapest house as close to work as possible....
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Old 18-02-2014, 09:55 AM   #152
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Default Re: I can pay off my house in 4 years pretty much on poor blokes wage!

work arvo shift , so traffic not too bad. 50 mins versus 10 mins if i lived where i wanted too.
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Old 18-02-2014, 10:57 AM   #153
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Default Re: I can pay off my house in 4 years pretty much on poor blokes wage!

Quote:
Originally Posted by blackwasp View Post
ok i have to respond now! i have 145k in the bank, renting 350/w. not sure what to do. i hear/read about the impending bust in the housing market.
1. should i buy a home to live in where i'm living now 50km from work , don't mind it but could easily afford 350k mortgage
2 should i buy where i really want to live , 8km from work , near the beach but with a hefty 500k mortgage
3. should i buy an investment property where the rent pays for the mortgage
4 just continue to rent where i am 50km from work and save more money?

live in sydney with wife(not working) and 1 kid
cheers
confused
Take option 2. Will cost around $150 pw extra but you will be having to put much less petrol in your car as you will be driving 420km less per week (assuming you drive to work).
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Old 18-02-2014, 02:21 PM   #154
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Default Re: I can pay off my house in 4 years pretty much on poor blokes wage!

Opt2.

Last edited by BENT_8; 18-02-2014 at 02:29 PM.
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Old 18-02-2014, 08:45 PM   #155
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Default Re: I can pay off my house in 4 years pretty much on poor blokes wage!

option 5. move where you want to live and rent . keep your savings and invest it .
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Old 18-02-2014, 09:10 PM   #156
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Default Re: I can pay off my house in 4 years pretty much on poor blokes wage!

Option 2
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Old 18-02-2014, 11:18 PM   #157
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Default Re: I can pay off my house in 4 years pretty much on poor blokes wage!

Quote:
Originally Posted by blackwasp View Post
ok i have to respond now! i have 145k in the bank, renting 350/w. not sure what to do. i hear/read about the impending bust in the housing market.
1. should i buy a home to live in where i'm living now 50km from work , don't mind it but could easily afford 350k mortgage
2 should i buy where i really want to live , 8km from work , near the beach but with a hefty 500k mortgage
3. should i buy an investment property where the rent pays for the mortgage
4 just continue to rent where i am 50km from work and save more money?

live in sydney with wife(not working) and 1 kid
cheers
confused
Option 5

Rent where you want to live, invest where you will get a reliable tenancy. I suspect the rental return on a $350k house will be higher as a % than in a $500k house.

GTP and I on the same wavelength.
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Old 20-02-2014, 09:09 AM   #158
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Default Re: I can pay off my house in 4 years pretty much on poor blokes wage!

good luck getting a house for under $300k up here in mackay haha, lucky bastards down there
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